Both Sanchez and Ozil are in the final year of their contracts with the Gunners and are free to talk to European clubs in January.

Contract talks appear to have stalled, with both players looking more and more likely to accept offers elsewhere as oppose to stay at Arsenal.

Former Arsenal forward Smith, 54, believes that while Sanchez and Ozil are well within their rights to keep playing until the end of their contracts, the club should not be making it so easy for them to do so.

"If somebody doesn't want to be there and wants to wind their contract down, that's within their right," Smith said.

Sanchez's current deal expires at the end of the current season (Image: David Price/Arsenal FC via Getty Images)

Ozil's deal is also up at the end of the campaign (Image: AFP)

"It's up to the manager then and how he handles that.

"Arsenal have a track record of allowing players to run down contracts, and these two are going to be the biggest examples. They could have got £60million for Alexis Sanchez; Arsene and the club turned it down.

"Ozil's a slightly different kettle of fish but it might well be that they do lose those two players. I'd be more concerned about Sanchez going than Ozil."

Manager Arsene Wenger is sweating on the futures of his two key men (Image: REUTERS)

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David O'Leary, who made over 550 appearances for Arsenal, insists that he was surprised the Gunners did not cash in on Sanchez this summer, with fees of up to £60million mooted for his services.

O'Leary said: "They were in a similar situation - I don't know why they got in a similar situation - with Van Persie.

"He was in the last year of his contract; they sold him because he had a year left, and were accused of taking the money.

"We've been told they turned down the Sanchez money. I definitely thought that £60million on the table: you know the player's going to leave, you'd end up taking it."